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. Last Updated: 07/27/2016

Gazprom, Novatek Eye JV

Gazprom is considering joint ventures with Novatek to develop Arctic gas fields and boost planned production of liquefied natural gas, the companies said Tuesday.

Gazprom may grant Novatek a 25 percent stake in a venture to develop the Tambei group of fields on the Yamal Peninsula to increase LNG production. The fields may hold 1.56 trillion cubic meters of gas reserves, enough to produce 20 million tons of LNG a year, the companies said.

Novatek and Gazprom may hold 50 percent each in a second venture to tap resources on the nearby Gydan Peninsula. The Utrenneye (Salmanovskoye) field holds 767.1 billion cubic meters of reserves.

(Bloomberg)